As of January 10, 2024, India’s Direct Tax collections have depicted a robust and consistent growth trajectory, signifying a commendable performance in the country’s fiscal domain. The provisional figures illustrate a noteworthy achievement as gross collections for Direct Taxes have surged to an impressive Rs. 17.18 lakh crore.
This marks a substantial uptick of 16.77% when compared to the corresponding period in the preceding year, attaining a pivotal milestone by constituting 80.61% of the total Budget Estimates designated for Direct Taxes in the fiscal year 2023-24.
The net Direct Tax collections, excluding refunds, have further contributed to this positive narrative by reaching Rs. 14.70 lakh crore, showcasing a remarkable growth of 19.41% in comparison to the same period in the previous fiscal year. This underscores a resilient fiscal landscape and reinforces the efficacy of financial strategies implemented during this period.
A detailed examination of the growth rates in terms of gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) reveals encouraging insights. Corporate Income Tax (CIT) demonstrates a commendable growth rate of 8.32%, highlighting the buoyancy in corporate contributions to the national revenue pool.
On the other hand, Personal Income Tax (PIT) exhibits a striking growth rate of 26.11% (PIT only) or 26.11% (PIT including Securities Transaction Tax – STT), emphasising the robust financial health of individual taxpayers. Following adjustments for refunds, the net growth in Corporate Income Tax (CIT) collections is reported at 12.37%, reflecting prudent fiscal management. Meanwhile, Personal Income Tax (PIT) collections experience a substantial net growth of 27.26% (PIT only) or 27.22% (PIT including STT), further contributing to the positive fiscal outlook.
In a commitment to efficient financial processes, the government has disbursed refunds totaling Rs. 2.48 lakh crore during the period from April 1, 2023, to January 10, 2024.
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